Here's why Bitcoin is the future of money

quote:It's easy to dismiss Bitcoin or crypto-currencies as the flailings of a disaffected, semi-anarchist hacker community trying to undermine the system. But you know what? Hackers created the Internet, and the decidedly anti-establishment Steve Jobs gave us the modern technology era we know and love today. A lot of good ideas started out as techie experimentation.

Plus, and more saliently, I have it on good authority that the U.S. government and others are very, very interested in Bitcoin -- so much so that there are nascent attempts to regulate it and federal authorities and lawmakers have been warning about its nefarious nature for a couple of years now.

quote:Bitcoin may not last, but crypto-currency is here to stay -- it's only a matter of time before a government replaces paper with more traceable, secure digital money.

re: Here's why Bitcoin is the future of money(Posted by Poodlebrain on 5/1/13 at 8:37 am to gizmoflak)

I doubt Bitcoins are the future of money. More likely is a digital currency issued by a consortium of nations with many of the features of Bitcoins. The governments of the participating nations will regulate the validation processes and provide the enforcement mechanisms to provide the general users with a greater degree of confidence about the stability of the system.

re: Here's why Bitcoin is the future of money(Posted by WikiTiger on 5/1/13 at 8:42 am to Poodlebrain)

quote:More likely is a digital currency issued by a consortium of nations with many of the features of Bitcoins. The governments of the participating nations will regulate the validation processes and provide the enforcement mechanisms to provide the general users with a greater degree of confidence about the stability of the system.

Have you seen the abyssal failure that is Canada's MintChip digital currency so far? That's a highly functioning western government and they can't even get their shite together enough to produce a secure system that people want to use. Yet, the free market has produced a system that has run reliably for almost 5 years now, is secure, and gives people what they want.

So yea, I won't be holding my breath for governments to begin offering something of benefit.

re: Here's why Bitcoin is the future of money(Posted by ThaBigFella on 5/1/13 at 8:50 am to WikiTiger)

ok well you bitcoins believers enjoy your currency that inflates and deflates up to 50% on certain days while I enjoy my pathetic fiat currency that loses its value at a steady pace.

I don't know whats a worse long term investment gold or bitcoins.

Gold gained 70% over 33 years, bitcoins can do that in a week but they can also fall to nothing while gold will still be "an inflation hedge"......I bet 1980 gold buyers wouldnt agree with that statement, but the commercials on tv and media keep reassuring us that it is a great buy

I know a bitcoin system will end robberies thats for sure, "its a stick up, digital transfer me yo bitcoins before i shootchu"

Right, them or the US Defense Department, that noted bastion of anarchy.

quote:decidedly anti-establishment Steve Jobs

someone has bought into Apple's marketing hype.

Interesting how in the last couple weeks the discussion has gone from "Bitcoin is the wave of the future" to "some crypto-currency will be the wave of the future, eventually." Those are very different claims.

quote:Interesting how in the last couple weeks the discussion has gone from "Bitcoin is the wave of the future" to "some crypto-currency will be the wave of the future, eventually." Those are very different claims.

Uh no. All that means is that you haven't been paying attention the whole time.

In my second bitcoin thread on the poli board on October 11, 2012, I said, "I've been discussing Bitcoin a lot lately because I think it (or something like it) is going to revolutionize the world." And I've been making similar statements ever since then as well in almost every bitcoin thread.

re: Here's why Bitcoin is the future of money(Posted by ThaBigFella on 5/1/13 at 9:03 am to gizmoflak)

worthless facts? Was gold not $800 in 1980 and was it not $1350 a week ago? To me thats not a worthless fact, thats a $550 real gain over 33 years with no dividends paid and a horrible real return......they never mention that on "buy gold" commercials